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IMF Executive Board Concludes 2017 Article IV Consultation with Brunei Darussalam
May 19, 2017
On April 25, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Brunei Darussalam and considered and endorsed the staff appraisal without a meeting on a lapse-of-time basis. [2]
Building on a track record of policy reforms, Brunei Darussalam’s economy is adjusting to lower oil and gas (O&G) prices. While the country possesses sizable buffers, the authorities have continued structural reforms aimed towards ensuring long-term sustainability and intergenerational equity, increasing productivity and competitiveness, and diversifying the sources of growth.
Latest estimates showed that real GDP in 2016 further declined by 2.5 percent, contracting by less than projected. Unscheduled shutdowns were the main factor that disrupted O&G production. Meanwhile, the decli…

His Royal Highness Prince ‘Abdul Malik and His Royal Highness Prince ‘Abdul Wakeel were also present.

His Majesty and other members of the royal family were greeted upon arrival by the Minister of Religious Affairs, Pehin Udana Khatib Dato Paduka Seri Setia Ustaz Haji Awang Badaruddin bin Pengarah Dato Paduka Haji Awang Othman; senior government officials and villagers.

Upon arrival, His Majesty signed a plaque, followed by three times of ‘Takbir’ glorifying Allah the Almighty led by the Minister of Religious Affairs himself.

MINISTER of Culture, Youth and Sports Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof urged for stronger collaboration between Department of Museums, Brunei History Centre, Universiti Brunei Darussalam and the collectors community to enhance historical research and documentation.

“The target group of these (research) initiatives is the youth. As successors of preceding generations, youth must understand that historical artefacts are part of our national heritage and culture, and this notion needs to be passed down to future generations,” the minister said.

He was speaking during the International Museum Day Celebration 2017, held at the Art Gallery, Dermaga Diraja in Bandar Seri Begawan yesterday.

In his speech, the minister shared a hypothesis on “cultural circle”, saying that “when an idea is implemented, it becomes a creation that once it is accepted by the …